Borrowing powers; Treasurer’s guarantee and approval
9A Borrowing powers; Treasurer’s guarantee and approval
For carrying out the purposes of this Act the Commissioner, subject to the approval of the Minister, shall have power upon the guarantee and with the prior approval in writing of the Treasurer of the State to borrow money upon such terms and conditions only as the Treasurer approves.
The Treasurer is hereby authorised to so approve and to give the guarantee, including a guarantee of interest, referred to in subsection (1), for and on behalf of the Crown in right of the State.
Any moneys borrowed by the Commissioner under this section may be raised as one loan or as several loans in such manner as the Treasurer may approve, but the amount of the moneys so borrowed shall not in any one year exceed in the aggregate such amount as the Treasurer approves.
Before a guarantee is given by the Treasurer under this section, the Commissioner shall give to the Treasurer such security as the Treasurer may require and shall execute all instruments necessary for the purpose.
The Commissioner shall use moneys borrowed under the power conferred by this section for the purpose of carrying this Act into effect and for no other purpose.
[Section 9A inserted: No. 96 of 1975 s. 7.]
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